Oppenheimer Reaffirms Their Hold Rating on Agios Pharma (AGIO)

By Jason Carr

In a report released today, Mark Breidenbach from Oppenheimer maintained a Hold rating on Agios Pharma (AGIOResearch Report). The company’s shares closed yesterday at $65.93.

Breidenbach observed:

“Tuesday, Agios received FDA Breakthrough Therapy Designation (BTD) for TIBSOVO in combination with azacitidine (azaC) for treatment of newly diagnosed, elderly IDH1+ AML patients who are unfit for intensive chemotherapy. The combination demonstrated compelling clinical activity (57% CR rate), and we believe BTD should come as no surprise to investors. The company is pursuing an aggressive development plan to expand TIBSOVO’s label into additional AML settings with two ongoing Phase 3 trials in newly diagnosed patients, and we anticipate a potential MAA approval in r/r AML and a potential sNDA approval for frontline treatment-ineligible patients in 2H19. While management is taking appropriate steps to broaden TIBSOVO’s label, its market opportunity is fundamentally limited by the low prevalence of the IDH1 mutation. Maintain Perform.”

According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 1.8% and a 41.7% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Agios Pharma with a $85 average price target.

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The company has a one-year high of $99.82 and a one-year low of $41.63. Currently, Agios Pharma has an average volume of 474K.

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock.

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Agios Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery and development of novel investigational medicines to treat cancer and rare genetic diseases. It focuses on diseases that are directly caused by changes in genes or chromosomes, often passed from one generation to the next.